Is there a Chain Cent in MS 65 coming up for auction?
ANACONDA
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Is there a Chain Cent in MS 65 coming up for auction?
I thought i saw one in an auction catalog recently.
Any one have any info on that? Company? Day of auction?
I thought i saw one in an auction catalog recently.
Any one have any info on that? Company? Day of auction?
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Edited to add: If you are going to make a play for it, I will step aside.
I'm probably not going to make a play for it because the market is too hot now. I'd rather wait for it to come up in a private sale after it has been offered. I have always wanted one but as I get older I get less emotional about coins.
I remember that I bought a specimen wreath cent in ngc 65 last year for about 90K or so and was tickled pink. I had never seen the coin and my guy bought it for me (based upon my inspection through him) and he sold it at the same show. So, when i finally had it in hand (awaiting payment) i had bought it and sold it without ever seeing it.
I was offered one in the mid 80's at about $250,000.
adrian
One of the first coins I would go after if I had the bucks.
I can't remember what it was....I think it was a 1795 cent in PCGS MS 65 BN.
I'm not sure why Oliver is selling his collection however, I would be interested in knowing.
But I suspect you are a bit high on the price to be realized.
<< <i>I'm not sure why Oliver is selling his collection however, I would be interested in knowing. >>
Based on his bio in the catalog, my guess is he sees the market is ripe to make some money on his collection now. He's a good businessman. Also, I hear the reserves are pretty stiff.
Lots 7 and 8 are fantastic coins for their type. Lot 7 is an PCGS MS66RB Wreath (CC#2 or 3) and lot 8 is the finest known S-24 1794 cent in PCGS MS67RB, possibly finest known of the entire type.
This is surely the coin Jay Parrino (man made famous by Playboy magazine) owned. Not a bad coin. Actually, that coin is bad to the bone.
Thanks for the clarifications.
As far as my estimate goes, we'll see. I certainly don't claim to know as much about coins as to call myself a numismatist.
I was surprised to see a wreath cent in 66 sell recently for $200,000 (to a type collector) when it was 1 of 3 with 4 finer (PCGS numbers).
The chain cent is 1 of 3 with 1 finer (again, PCGS numbers) and is a coin with higher demand (from investors and type collectors - a better story and just a dream coin for many, including myself) in my opinion. This is what I based my estimate on.
Certainly there is a great deal more to values than what I have stated but then again, I'm not a numismatist. I would characterize my estimate as "high", not as silly. But we'll see.
adrian
"So much misinformation, so little time . . .
- The NGC MS62 chain 1c that sold in the Koshkarian sale for $218,500 was a Sheldon 1 (AMERI. reverse), a BIG difference.
- While I am sure that Oliver would be thrilled to see his chain 1c bring $750K or more, that number is a bit silly. $300K - $350K is a good estimate, all-in, with $400K possible if there's a floor fight.
- ANR set opening bids on their website which were based upon their own best judgement. These are not reserves. There are a few coins that Oliver has an emotional attachment to as a collector, that he would like back if they sell too cheaply. However, between ANR's clients and mine, Oliver doesn't need any reserves.
- I have long said that collectors do not sell for financial reasons, but for personal ones. If Oliver were making the decision today on whether or not to sell his collection, I'm not sure what he would do. Recently married, remodeling and decorating an old house, some real estate ventures, starting one new company and joining another -- sounds like a full life, all at an age that makes me feel like an old man. The ink on the contract was barely dry before he wanted the Cinci $10 from the Ford Collection, but I talked him out of it, so he's already having a hard time staying away. Anyway, for now, he needs to focus his money and time on his new ventures, as he sees them as the path to an even better collection in the years to come.
- "For what it's worth", if your name is missing from one of the pedigree chains in error, by all means, please let us all know so that we may give you adequate recognition. "
I believe the coin will fetch $375k hammer. That's $431,250 net.
I opened bid for lot 6 and 8. Lot 8 sold for (again) $92000 Superior Pre Long Beach May, 2003. Lot 7 sold for $103,500 Nov 2001 Heritage Sig sale to JOCONNOR who then sold to Jung. (He corrected me on my thinking JUNG bought from heritage). These three, along with Koshkarian Wreath S-9 are UNIQUE in their own way, with a story/detail that may explain the prices for them.
<< <i>I dont see that chain cent going for so much. Less than $300,000 is my guess. But I have been hoping the market would cool off for a while!!!
I don't believe this is an auction that will show any signs of a "cooling off" market. The market will likely start to setlle, but not at this auction. The Jung auction will bring insane moon money across the board.
As for the reason behind the sale I am going to guess it's due to the hot market and Mr. Jung wants to unwind a slug of dollars in low future return [market is peaking] and redirect towards more profitable ventures. Can you blame him? Look at how many nice collections have been broken and we are just mid way through 2004. Do you think for a moment Jung and others selling monster collections/coins are not getting sound expert advice to sell?
<< <i>What does Jung do, and how old is he? >>
He is a very successful sanitation worker.
Seriously, I believe that I read he had some type of software company that did very well, then sold it for mega money. Now he is into other start up companies. A young Entrepreneur.